On Monday October 21, the Nigerian Naira appreciated to ₦1,715 per dollar in the parallel market from ₦1,725 per dollar last weekend.
However, it depreciated to ₦1,603.16 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
According to Data from FMDQ, the indicative exchange rate for NAFEM fell to ₦1,603.16 per dollar from ₦1,600.78 per dollar last week Friday, indicating ₦2.38
depreciation for the naira.
Also Read: Naira Weakens As FX Market Turnover Soars To $616.73m, Hitting Six-Month High
Furthermore, the volume of dollars traded in the official market grew by 2.4 per cent to $359.22 million from $350.72 million traded last weekend making the margin between the parallel market and the NAFEM rate narrow to ₦111.84 per dollar from ₦124.22 per dollar as at last week Friday.
Emilokan: How Has Tinubu Administration Affected You?
